76-per-cent jump over a year ago attributed to lower prices, low mortgage rates
Sun
The inventory of unsold homes in the Real Estate Board of Greater Vancouver’s area declined 27 per cent to 13,252, compared with the same month a year ago. Photograph by: CNS files
METRO VANCOUVER — Greater Vancouver realtors had their second busiest June on record this year as buyers jumped at lower property prices and near record low mortgage rates, the Real Estate Board of Greater Vancouver reported Friday.
Board realtors recorded 4,259 sales through the Multiple Listing Service in June, a 76-per-cent increase from the same month a year ago.
The inventory of unsold homes in the board’s area declined 27 per cent to 13,252, compared with the same month a year ago.
“Many people who were reluctant to purchase a home last fall and earlier this year are returning to the market because they see conditions that appeal to their personal and financial needs,” board president Scott Russell said in a news release. “However, the current marketplace is such that buyers are more inclined to walk if they don’t like the terms of an offer.”
The benchmark price for a typical detached home was $701,384 in June, still down 8.4 per cent from the same month a year ago.
The benchmark price is a calculation based on the features of homes most typically sold in that category.
Fraser Valley realtors recorded their fourth busiest June on record racking up 1,982 sales during the month, a 40-per-cent increase from the same month a year ago, the Fraser Valley Real Estate Board reported Friday.
Buyers taking advantage of lower prices helps to partly explain the surge. The benchmark price of a typical detached home was $471,788, which is still down eight per cent from June 2008.
That price, however, is up 1.3 per cent from May when the benchmark was $465,939.
“We’re essentially seeing two markets right now,” Paul Penner, president of the Fraser Valley Real Estate Board said in a news release.
“Sellers have the advantage when it comes to more affordable homes, but buyers hold more sway with higher-end properties.”
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